That price means the receivers of Plum Duff and Woolpak Holdings will get $19,974,726 for their 64 per cent stake in Wool Services. The offer closes on February 24.

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If WSI acquires all the shares, it plans to delist the company.

An adviser's report by Northington Partners put the full underlying value of Wool Services' shares in a range between 38c and 47c a share. Wool Services shares last traded at 42 cents a share.

Hamilton Hindin Greene director Grant Williamson said recent trades after the announcement of the takeover had been in such small volumes that it was probably just a "tidy-up" exercise by some portfolios or estates. It was possible some smaller shareholders may have been looking to take cash for their shares straight away.

With the trades in such low volumes, there would not be much depletion of value even though the trades had been below the takeover offer price, he said.

They said the receivers had accepted WSI's 45c-a-share offer as the best available; WSI would have a 75 per cent controlling stake in Wool Services once conditions were met; and the offer was near the high end of the value range given by the independent adviser for Wool Services shares.

Lempriere has said it intended to continue to operate Wool Services as New Zealand's only merchant wool scourer.